The market for designing and building oil- and natural gas-related projects around the world did not collapse in 2009 as some had feared. But neither did the market expand. While many construction-industry firms working in the petrolem sector experienced booms through most of the past decade, the pace of new-contract signing slowed significantly in late 2008 and the first half of 2009 as economies around the world staggered and oil and gas prices tumbled.
Things are looking a little bit better for 2010. In mid-November, Bank of America/Merrill Lynch said it expected global gross domestic product to increase by 4.3% in 2010 and by 4.5% in 2011, following a decline of 0.8% in 2009. It also expects crude oil prices to average $85/barrel in 2010, possibly topping $100/barrel by early 2011.